The Securities and Exchange Board of India’s (SEBI) High-Level Committee (HLC) has suggested a raft of reforms, including a multi-tier disclosure regime, investment restrictions, structured recusal processes and a robust whistleblower system to safeguard investor interest and orderly functioning of the securities market.

Set up in March this year to review conflicts of interest and the disclosure framework of its board members, the committee reviewed SEBI’s existing code on conflicts of interest for board members and employees’ service regulations. It noted that the current framework is inadequate and requires strengthening.

The six-member committee said that the adoption of its recommendations will bring SEBI in line with global best practices, enhance its credibility, and strengthe

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